These Banks Are Offering Assistance for Customers Affected by Coronavirus (Updated)

A woman and child wear masks as they walk down the streets during the coronavirus outbreak on Thursday, March 12, 2020, in the Brooklyn borough of New York. Wong Maye-E/ AP Photo

The coronavirus is proving to be more than just a health threat.

The precautions put in place will likely have far-reaching effects, including some major financial implications for the average citizen.

Late payment fees, overdraft fees or penalties for early withdrawals can escalate a situation from bad to worse. Conversely, waiving fees and penalties can ease a hard situation.

Many banks are encouraging people to use their online and mobile banking options as a way of promoting social distancing.

The banks are also advising customers to take steps to protect themselves from scams, especially phishing scams. If you receive an email that appears to be from your bank, do not click the links or give out your personal information. Go directly to the bank’s website or call the bank if you have questions or concerns. Here’s what the Federal Trade Commission says about these kinds of scams.

Below is a list of banks who have shared what kind of assistance is available for customers affected by the coronavirus. We will update this list as more information is released.

Bank of America

On March 19, Bank of America announced it’s taking the following measures to support its customers:

Mortgages and home equity lines of credit: Clients can request to defer payments, with those payments added to the end of the loan.

Credit cards: Clients can request to defer payments and refunds on late fees.

Auto loans: Clients can request to defer payments, with payments added to the end of the loan.

The bank encouraging customers to take advantage of online and mobile banking during social distancing. The bank has also instituted the CDC’s cleaning guidelines to help protect its staff and the people who need to use its brick-and-mortar locations. A list of which branches are still open can be found on the bank’s location tool

The bank encourages anyone who has been “affected negatively by illness due to coronavirus” to contact it.

Contact Information

Chase

Chase Bank is encouraging the use of online and mobile banking to limit the opportunities for the coronavirus to spread. For the benefit of customers who visit physical locations and ATMs, the bank’s staff is using EPA-approved cleaners to keep screens and keypads clean.

Customers who need help are asked to contact the bank for assistance. The bank is offering three kinds of help:

Contact Information

Citibank

Citibank is urging its customers to use its online and mobile banking options to promote social distancing. The bank has also stepped up its daily cleaning procedures with stronger disinfectants on surfaces that are touched a lot.

It has also implemented a temporary plan to help aid those who are impacted by the coronavirus that is currently in place for 30 days as of March 9:

Customers should contact the bank for help with obtaining waivers on monthly service fees and penalties for early CD withdrawals.

Small business customers should also contact the bank for help with waivers for monthly service fees and remote deposit capture fees, as well as penalties for early CD withdrawals.

The bank also offers its standard assistance programs, including collection forbearance, credit line increases and hardship programs for mortgage customers.

Contact Information

Fifth Third Bank

Fifth Third Bank asks its customers to use their mobile and online banking options and to limit their use of physical locations. However, the bank has also escalated its cleaning procedures at its physical locations, for the sake of both staff and customers.

The bank notes that special policies are in place to help people who are facing disaster-related hardship as it relates to auto loans, credit card balances and loans secured by real estate.